Over the course of the quarter, Tamboran Resources progressed significant activity at its proposed pilot project at Shenandoah South (SS-1H) within the Beetaloo basin.
The company completed the 10-stage stimulation program over a 500m horizontal section of the Mid Velkerri B Shale within SS-1H, and the company is on track to announce initial production flow rates in the first quarter of 2024.
The diagnostic fracture injection test demonstrated an over pressured regime, with a pore pressure gradient of at least 0.54 pounds per square inch.
“The second quarter has seen significant activity as we progress towards our proposed pilot project in the deeper section of the Mid Velkerri B Shale at Shenandoah South,” Tamboran Resources managing director and chief executive officer Joel Riddle said.
“The successful stimulation program at SS-1H was carried out in December 2023 and we look forward to announcing IP30 flow rates from the well during the first quarter of 2024.”
Another significant milestone for the company included the strategic partnership announced with Liberty Energy. The company also raised $55 million via an institutional placement and entitlement offer.
Tamboran also received an additional $14.2 million in January 2024, relating to the retail entitlement offer.